Reply to Why do we need a real estate agent?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Right, there's no point to reducing the sale price. I assume what PP meant is that you tell the seller that you'll pay the asking price minus X% if the seller can get the agent to reduce his or her commission (with the result being that the seller makes the same amount of money or more and the buyer pays less).

Although the fact that you'd have to do this demonstrates the problem with the system; neither of the agents actually have an incentive to represent the buyer and seller's best interests.[/quote]

that would not make sense either. the seller enters into a contract with the agent for the sale of the house. all the terms are discussed and agreed upon, including that the commoission will be let's say 5% of the sale price. so, after an acceptable offer comes in, you think that the seller can go to the agent and say "look, now I would like to give you only 2% of the commission instead of the %5 I agreed upon in the contract". in a hot market, a seller would not waste time with such a buyer, but even in a cooler merket, this does not make sense. the seller lowers the price if there are no offers for the asking price.

next time I buy a car, after signing the contract I will tell the car dealer that I am shaving  4K or 5K off the price  because yes, I agreed to pay that price but now i have changed my mind [/quote]

Yes, you can renegotiate the commission prior to sale. The car analogy is not a good one because that is a consummated purchase.[/quote]

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